College Student Credit Questions

College Student Credit Questions

Hi All!

This is my first post on here but have been reading up on posts for the past few months. I just had a few questions in hope to find some advice from others who have/are going through my path. Just a little background about me, I'm about to start my junior year of college and i'm looking to raise my credit score. My goal is to reach 750+ by the time i graduate college if possible. I have a WF college card with a 1k limit on it and an auto loan through usaa originally for $13,500 but has a remaining balance of $11,200. I got the credit card back during my freshman year of college and the auto loan was back in January. I work for WF so i get a little bit of insight on some credit features from my banker. My card is almost maxed out though and has been over the summer due to some issues with my jeep, but it will be fully paid off by the 25th of August. I pulled my credit report and scores from WF's Identity Protection plan that members use and as of today it shows EX: 696, EQ: 614, TU: 661. I ran the simulator that's provided and after I pay off my CC and wait a month my scores will be about EX: 716, EQ: 708, TU: 712. Once that month is passed I'm looking to either open a line of credit with WF or apply for other credit cards in order to have a larger open credit availablity. Should I apply for just the line of credit or should I go with the credit cards? Or should I apply for both in the same day? If I do both in the same day will I have a better chance of getting approved as opposed to trying to the line of credit and for some reason getting declined, then trying for the credit cards?

Re: College Student Credit Questions

I assume the only inquiries you have are from the auto loan, and maybe Wells Fargo if its still on your CR?

Assuming you paid down the balance and that has reported to the CRAs, your chances for a lot of cards should be fairly high. The only cards you should maybe avoid for now are the 5k minimum CL cards, though you definitely still have a shot at getting them, but just slimmer chances. Other than that, you pretty much can have your pick of what you want!

Re: College Student Credit Questions

Don't bother with a personal line of credit, just go with a CC.

Capital One Journey Student Rewards CC

Citi Forward for college students

Discover IT Student

Once you pay off your card(s), try applying for these. You should be able to get at LEAST a $500 CL per card. I applied for the Journey two years ago and was given a $500 limit, it was auto CLId to $750 after 6mo and I applied for the Forward and was given a $1500 CL (I never carried a balance on my Journey card). I applied for a Discover IT (non-student version) and was given a $500 CL. I think you should be able to make it as long as you have no baddies on your report and that your util isn't too high.

The Journey is a 1% cashback card,

the Forward is a 1x points back card (5x points on Restaurants and Entertainment... and I think some bonus points when you pay on time),

and the Discover IT is also a 1% cashback card (and has 5% rotating categories that you must sign up for (it's easy)).

The Journey has no mimimum for using your rewards for paying your balance. The Discover and Forward can be linked to Amazon and reward balance can be used anytime there too.

Re: College Student Credit Questions

colinstu wrote:

Don't bother with a personal line of credit, just go with a CC.

Capital One Journey Student Rewards CC

Citi Forward for college students

Discover IT Student

Once you pay off your card(s), try applying for these. You should be able to get at LEAST a $500 CL per card. I applied for the Journey two years ago and was given a $500 limit, it was auto CLId to $750 after 6mo and I applied for the Forward and was given a $1500 CL (I never carried a balance on my Journey card). I applied for a Discover IT (non-student version) and was given a $500 CL. I think you should be able to make it as long as you have no baddies on your report and that your util isn't too high.

The Journey is a 1% cashback card,

the Forward is a 1x points back card (5x points on Restaurants and Entertainment... and I think some bonus points when you pay on time),

and the Discover IT is also a 1% cashback card (and has 5% rotating categories that you must sign up for (it's easy)).

The Journey has no mimimum for using your rewards for paying your balance. The Discover and Forward can be linked to Amazon and reward balance can be used anytime there too.

Re: College Student Credit Questions

Need one or two more revolving accounts to max out your FICO given your current situation. The college cards are likely approvals but expect little CLs and they only kind of grow with you. Non student cards, you are probably a decent shot for them but it is a little risky.

Personally, I would consider looking at AMEX charge card (which I think you would get approved for if you are over 1 year AAoA) and 6 months-1 year go for the revolver. Charge card is nice as "limit" will grow quickly. But be aware there are no AF charge cards. I would have recommended Zync if it was still around.

2nd card: Pick whatever you want. However if you get approved for the Amex Charge card, think about apping for Amex revolver right away as you shouldn't take another HP if denied (and if you do, call Experian to get it removed).

Also, consider a Walmart card as well. They will pull TU. Walmart is good for the free TU 08 FICO score and GEMB has a soft inquiry based CLI policy.

Re: College Student Credit Questions

If you have history of never late payments of more than a year on your current CC and an installment loan, I'd say you have a good shot at Chase Freedom, Discover IT, or even the BCE (ofcourse after you pay down the balance and let it update on your CR). If your income is not too low, I wouldn't recommend going for any of the student versions, as they never seem to grow with you.

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Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.